Everyone kills themselves to get into Apollo/KKR PE, but looking at the Private Credit shops (Ares, HPS, Golub)... the hours are better (60h vs 90h), cash comp is nearly identical at the junior levels, and the carry seems safer in this rate environment. Why is PC still treated like the 'backup' option? The risk/reward seems way better.
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The lifestyle is better because the work is fundamentally different.
In PE, you are selling a growth story. In PC, you are looking for the 1% chance the company implodes. It's quite a pessimistic, downside-focused existence imo.
A lot of guys lateral to PC for the hours and realize 6 months later they are bored to tears reading credit agreements and arguing about covenants. Make sure you actually like the work not just the wlb
In addition to the difference in the work itself, the comp (carry) potential is greater in PE than PC. PC structurally generates lower returns (via less risk), receives lower performance fee rates (via lower returns), and carry is taxed at higher rates (interest-returns instead of capital gains).
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